Event Ticket Insurance – A Rip Off?

Ben Jaffe of the Preservation Hall Jazz Band p...
Ben Jaffe of the Preservation Hall Jazz Band playing bass horn, New Orleans. (Photo credit: Wikipedia)

Okay, I confess. I’m only covering event ticket insurance as an excuse to tell you how much I love the Preservation Hall Jazz Band. More on them in a minute –

Several weeks ago, I logged on to the website of the local performing arts center to buy front row tickets to see my favorite band. At the check out, I was asked if I would like to puchase insurance for my tickets. I don’t recall the exact amount, but the typical fee is $7.00 per ticket. Since my tickets cost me less than $50 each, an added $7 seemed a bit pricey (about 20% of the actual ticket cost). I didn’t bother to see what the insurance covered – the chances I didn’t make it to that concert were very low indeed. I would have dragged myself in there against all sorts of odds – nothing would stop me from seeing Preservation Hall!

To Buy or Not to Buy, That is the Question

But to be fair, there are some instances when ticket insurance is a good investment. Here is what to consider:

1. How much did your tickets cost? If your tickets were fairly expensive, i.e. over $100 each, and the insurance is still $7 for each ticket, suddenly the added expense is a) less, in comparison to how much you are investing in the ticket and b) more worth considering, because if you can’t attend the event, your losses are now $100+.

2. What could possibly prevent you from attending the event? Now ask yourself some personal questions. Could your job prevent you from attending, i.e. last minute work project or overtime? How is your health – have you been struggling lately and the chances of you staying home sick are fairly good? Could family emergencies intervene, i.e. kids? Are you traveling to the event, so delayed flights could be a problem?

3. After you’ve made a list of things that realistically could prevent you from attending – look at the coverage. Does it cover the things in your list? Don’t get distracted by the insurer’s list. Sure, they cover the possibility of jury duty and employer termination. But don’t let those added coverages trick you into believing that you really may need the coverage after all. Stick to what you know could possibly happen in your own life, and see if it is covered. If it is, and the price is good (see #1), then you probably should purchase the coverage.

Extra Disappointments

Now remember, the coverage may bring you your money back, but it won’t get you a new ticket for a future event, and you will still be missing that amazing concert.

Also, be prepared to fight the insurer when you make a claim. As you can see by my previous blogs about Claims, insurers do not want to pay you. They will look for a way out.

For more info on event ticket insurance, see these great articles:

LA Times: Is Event Ticket Insurance Just for Chumps?

Deseret News: Is Event Ticket Insurance Really Worth It?

Preservation Hall Jazz Band

And now, why Preservation Hall is so great – they can turn a boring old concert hall into a giant party! I love them for their ability to unite people – young or old, black or white, conservative or democrat… in their shared love for great music.

This video is old, but you can see how much fun the audience is having.

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